CFCU is allowed to change the costs on your Loan Estimate only if new or different information is discovered in the process. Common reasons you may receive a revised Loan Estimate include:
- The home was appraised at less than the sales price.
- CFCU could not document your overtime, bonus, or other irregular income.
- You decided to get a different type of loan or change your down payment amount.
- You requested a rate lock after the lender issued the original Loan Estimate.
If the appraisal identifies major repairs that are needed, closing could get more complicated. CFCU will send you a copy of your appraisal promptly once it is completed. If major repairs (like a new roof) are needed, CFCU may require that the repairs be made prior to closing as a condition of getting the loan. Or the lender may ask you to put enough money in a special account to pay for the repair immediately after closing. You can always go back to the seller and ask them to pay for some or all of the required repairs, but the seller is not typically required to pay for the repairs. If your purchase contract has an inspection contingency, you may be able to cancel the sale.